LIBOR

London Interbank Offered Rate. Survey-based interbank borrowing rate that anchored ~$300T of contracts globally. Discontinued in mid-2023 after the 2012 manipulation scandal. Replaced by SOFR (USD), SONIA (GBP), TONA (JPY), €STR (EUR).

Legacy contracts referencing LIBOR were migrated to fallback rates per ISDA protocol.